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agreed to extend bush tax cuts for all. income is not strong there the argument to raise tax. says now it is not only better than it was two years ago. but does the government need to tax and borrow in order to spend or is the government actually less constrained in its spending than believed and do budget deficits matter much less right now than we may think well stephanie calton chair of the economics department at university of missouri kansas city and a subscriber of modern monetary theory is here to talk about just that plus the senate is reportedly looking at extending a two thousand and eight at the i.c.c. financial crisis measure that guarantees one hundred percent of all checking account bank deposits now the c b o estimates the f.d.a. as the does not collect enough fees to offset the risk exists as another subsidy for too big to fail banks we have a reality check plus a talian technocrat leader mario monti versus bunga bunga a three time former prime minister silvio berlusconi their latest debate centers around a
agreed to extend bush tax cuts for all. income is not strong there the argument to raise tax. says now it is not only better than it was two years ago. but does the government need to tax and borrow in order to spend or is the government actually less constrained in its spending than believed and do budget deficits matter much less right now than we may think well stephanie calton chair of the economics department at university of missouri kansas city and a subscriber of modern monetary theory...
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Dec 12, 2012
12/12
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FBC
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return in dribs and drabs on the american middle class, they keep the majority of revenue, spending cuts can be finessed. lou: we looked at total spending under boehner plan and as we understand them obama plan, and no plan, they end ought about the -- end at about the same place in 2022. this is madness. >> the obama drama that is surrounding this negotiation. over an inconsequential increase of a tax over 2%, and no affect, across 10 years of national debt that is madness. >> this is nuts, it is unnecessary, but this is politics, it has nothing to do with policy. lou: and who is the beneficiary of that? >> well, look, president obama ran on this he was elected with a margin that is substantial enough to warrant this public opinion supports him, public opinion supports his position, and public opinion will support obama over the republicans if we go over the cliff, he will go over the cliff rather than take a bad deal. and making sure that tax rates on wealthiest go up is a big part of that deal. >> he ran on half of tax increases proposing, he ran on a planned approach, i'm sorry this
return in dribs and drabs on the american middle class, they keep the majority of revenue, spending cuts can be finessed. lou: we looked at total spending under boehner plan and as we understand them obama plan, and no plan, they end ought about the -- end at about the same place in 2022. this is madness. >> the obama drama that is surrounding this negotiation. over an inconsequential increase of a tax over 2%, and no affect, across 10 years of national debt that is madness. >> this...
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Dec 12, 2012
12/12
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republicans have sent the white house a counterproposal in response to a new plan president obama offered up privately yesterday. a boehner aide said the g.o.p. is waiting for the president to identify spending cuts, a point the speaker made on the house floor earlier today while white house press secretary jay carney called on republicans to get serious about revenue. >>here are the psint's spenng cuts? the longer the white house slow-walks this process, the closer our economy gets to the fiscal cliff. now, if the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. because right now the american people have to be scratching their heads and wondering when is the president going to get serious? >> on that question of whether or not we have put forward specific spending cuts, the answer is is we have. not only that, we signed law a trillion dollars in specific spending cuts. so if you combine what is signed into law with what we proposed versus the total absence of any specificity from the republicans for a sin
republicans have sent the white house a counterproposal in response to a new plan president obama offered up privately yesterday. a boehner aide said the g.o.p. is waiting for the president to identify spending cuts, a point the speaker made on the house floor earlier today while white house press secretary jay carney called on republicans to get serious about revenue. >>here are the psint's spenng cuts? the longer the white house slow-walks this process, the closer our economy gets to...
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Dec 12, 2012
12/12
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president obama outlined specific cuts in his proposal to the republicans. republicans have not offered anything specific in cuts whatsoever. and nothing specific in revenue whatsoever. all generalizations. republicans want more spending cuts. tell us what you want, we say to them. we cannot read their minds. we will not make a proposal for them. they know that we are willing to make tough choices on these issues. i hope they understand by now that we will look out for the middle class first. illinois standing in the way of an agreement is republicans. -- the only thing standing in the way of an agreement is republicans. there is a lot of bluster coming from the republicans about society kremlin quickly. every day -- crumbling quickly. they are calling on the speaker to let tax rates rise. yesterday it was coburn. today was another. he said he would take raising rates are the top 2 bracket -- and went on with other things he wanted. he wants the rates to go up on the top 2 brackets. i am confident that agreement can be reached. >> [inaudible] some republican
president obama outlined specific cuts in his proposal to the republicans. republicans have not offered anything specific in cuts whatsoever. and nothing specific in revenue whatsoever. all generalizations. republicans want more spending cuts. tell us what you want, we say to them. we cannot read their minds. we will not make a proposal for them. they know that we are willing to make tough choices on these issues. i hope they understand by now that we will look out for the middle class first....
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Dec 12, 2012
12/12
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now defense cuts. more and more republicans are saying that they're willing to talk about it. >> good. >> saying it junt cuts their credibility on other spending issues. >> good. >> it's the pentagon. >> there is so much waste in the pentagon. it's one of the few bureaucracies you can't audit. it is impossible. whether you're talking to peter peterson, dave walker, they tell you, you can't audit the pentagon. it is impossible. >> and yet there are some republicans you say who are willing to go out on a ledge and say it's time to look at this. and what are the costs of doing that politically? >> well, they are, and part of it is the changing times. it's not the cold war anymore. it's these younger members who are coming up. also to be consistent, you have members saying why are we opposing the sequester? why are we panicked that these spending cuts might take place? this is what we want. so that's another fight that's in the conference. are they going to be totally consistent on spending, or are they go
now defense cuts. more and more republicans are saying that they're willing to talk about it. >> good. >> saying it junt cuts their credibility on other spending issues. >> good. >> it's the pentagon. >> there is so much waste in the pentagon. it's one of the few bureaucracies you can't audit. it is impossible. whether you're talking to peter peterson, dave walker, they tell you, you can't audit the pentagon. it is impossible. >> and yet there are some...
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Dec 12, 2012
12/12
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spending cuts. he keeps talking about balance. that polls well. but when it comes to specific cuts, he is largely silent. all of a sudden, it's all tax hikes all the time. forget balance. just raise taxes and spend even more. the president and his allies have taken so many things off the table, the only thing left is the varnish. the president now seems to think after his re-election that if all he talks about is the need for tax hikes and that's all reporters write about, we will all magically forget the part about needing balance. it's a classic bait and switch. and we're seeing new versions of it nearly every day now. democrats campaigned for two years saying we needed to take a balanced approach to our problems, yet now that the president has been re-elected, they are walking back and the only thing left are the taxes. what the president should be doing after his re-election is bringing people together and showing that he has the desire and the ability to lead the two parties to an agreement tha
spending cuts. he keeps talking about balance. that polls well. but when it comes to specific cuts, he is largely silent. all of a sudden, it's all tax hikes all the time. forget balance. just raise taxes and spend even more. the president and his allies have taken so many things off the table, the only thing left is the varnish. the president now seems to think after his re-election that if all he talks about is the need for tax hikes and that's all reporters write about, we will all magically...
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Dec 12, 2012
12/12
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CURRENT
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they wanted the obama plan. >> his respect and popularity would go through the roof. >> president jim hoffa next. >> this is "the bill press show." [ music ] every day presents another exciting issue. from financial regulation, iran getting a nuclear bomb, civil war in syria, fraud on wall street, destruction of medicare and medicaid. there are real issues here. having been a governor, i know that trade-offs are tough. things everyday exploding around the world that leave no shortage for exciting conversations. i want our viewer to understand why things have happened. at the end of the show, you know what has happened, why its happened and more importantly, what's going to happen tomorrow. >> heard around the country and seen on current tv. >> 33 minutes after the hour now. this is the full court press, coming to you life from our nation's capitol, brought to you today by the international brotherhood of teamsters under president jim hoffa. we live better because their good work building america. you can find out more about their good work at the website www.teamster.org and if you th
they wanted the obama plan. >> his respect and popularity would go through the roof. >> president jim hoffa next. >> this is "the bill press show." [ music ] every day presents another exciting issue. from financial regulation, iran getting a nuclear bomb, civil war in syria, fraud on wall street, destruction of medicare and medicaid. there are real issues here. having been a governor, i know that trade-offs are tough. things everyday exploding around the world that...
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Dec 12, 2012
12/12
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president obama, house speaker john boehner held another phone call last night. here is speaker boehner on that. >> there were some offers that were exchanged back and forth yesterday. and the president and i had a pretty frank conversation about just how far apart we are. >> as we mentioned just last hour, take a look at the graph, these two sides have moved closer on taxes over the last couple of weeks. speaker boehner offered up $800 billion in new tax revenues after insisting on none. the president just this week, he's come down a little bit to $1.4 trillion but still no dice. no deal. cnn's sandra endo is standing by at reagan national airport, across the potomac from washington. so, sandra, if we hit this fiscal cliff, all the spending cuts kick in, what effect will that have on air travel? >> reporter: the big unknown is still how it will affect the everyday traveler. and that is certainly something a lot of people here are wanting to figure out. as for the air traffic controllers union, they released a statement this afternoon saying that it would be a ma
president obama, house speaker john boehner held another phone call last night. here is speaker boehner on that. >> there were some offers that were exchanged back and forth yesterday. and the president and i had a pretty frank conversation about just how far apart we are. >> as we mentioned just last hour, take a look at the graph, these two sides have moved closer on taxes over the last couple of weeks. speaker boehner offered up $800 billion in new tax revenues after insisting on...